Talk of revenue splits, luxury-tax penalties and mini mid-level exceptions is sleep-inducing enough. But for the participants — owners, players, union officials, journalists — it’s been the lockout for the bleary-eyed.

There was a David Stern press conference that ended at 4 a.m. There have been several other past-midnight marathons — 16-hour, 14-hour, 12-hour and 11-hour sessions. According to sources, many of those hours are spent with each side caucusing in its own meeting room.

There have been 24 meetings total, including federal mediation with presidential appointee George Cohen. The meeting sizes have ranged from small groups of 12 to big groups of 50. In all, 159 hours of negotiations have taken place since the lockout began July 1.

The sides have argued all across Manhattan, from Second Avenue to Eighth Avenue, in seven of the city’s ritziest hotels. There also have been two well-publicized, four-hour Players Association meetings, including one at the union’s office in Harlem.

The owners on the five-person labor board have flown into New York at a moment’s notice for meetings, save for local resident James Dolan of Long Island. Same goes for the frequent-flying nine-player executive board, with union president Derek Fisher and VP Roger Mason occasionally sharing cross-country flights from Los Angeles.

Maybe it all ends tomorrow at 9 a.m. with one final meeting of player reps in Midtown. Stern said he is “through negotiating’’ on this final proposal before he reverts to his “reset proposal’’ of 47 percent and hard salary cap.

At least 50 players are flying in today. Tomorrow, they meet with union officials to either accept Stern’s revised 50-50 final offer, reject it and look to decertify, which could kill the season, agree to stage a rank-and-file vote for the 440 players or send back a counteroffer to the commissioner.

According to sources, union officials and the executive board want to reject it because it heavily restricts spending on the free-agent market, but will leave it up to the players.

Union director Billy Hunter, looking worn down and disappointed late Thursday, indicated the endgame had arrived. Asked why he looked so unhappy and exhausted after negotiations, Hunter said, “We’re locked up in a room for 12, 14 hours. Air is thin, we’re breathing each other’s air. We’re locked in. We can’t open windows. We’re dissipated. But we’re not dissipated from the journey. It’s been a long haul, man. We’re coming near the end of it, trying to get this thing done.’’

The combined expense of lockout negotiations for both sides figures to be close to a million dollars — from air travel to hotel rooms and meals for the two committees, additional owners and player reps. But that’s nothing considering the $4 billion in revenue they are fighting for.

The sides, neither of which would confirm its costs, also rent hotel ballrooms and several conference rooms for the media and for their meetings.

In a pinch Thursday, with no other conference rooms available, the NBA paid the hotel to shut down its lone restaurant to use as a press room.

In fact, most bargaining sessions feature two ballrooms for two separate press conferences. One press conference room is draped with an NBA banner, the other a Players Association banner.

Labor press conferences have ended in the wee hours — at 4 a.m., 2 a.m. and 1 a.m. One of the lockout reporters became so fatigued that when he was handed the NBATV microphone for a question, he paused for a few moments and said, “Forgot what I was going to ask, sorry,’’ and passed the mike on.

Sources said the expenses are distinctly defined between the two parties.

For example, NBATV, which is owned by the league, televises both press conferences live, but a source said the union has to pay for its own audio.

Meanwhile, the lockout media have been fueled by food donations from various sources. Nets assistant GM Bobby Marks, the 76ers front office and salary-cap blogger Larry Coon have called in deliveries of pizza pies to the hotels for staked-out journalists. Agent Marc Cornstein once ordered deli to a hotel, and Cavaliers owner Dan Gilbert, trying to change his image as a hard-liner, had 100 chili dogs delivered Thursday.

Several celebrity sightings at lockout hotels have also kept journalists awake: Betty White and Bill Murray were seen walking into the Waldorf Astoria, and Larry King, Jesse Jackson, Tiki Barber and John McEnroe also have been spotted.

The biggest A-lister, though, came last week when Bill Clinton popped into the hotel during the last player rep meeting. Clinton, an Arkansas acquaintance of Fisher, hugged the union president and signed his new book to starry-eyed Blake Griffin and other players.